The Brochure for the Canada Education Savings Grant is available in several languages.
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To help you save for your child's education after high school, the Government of Canada will add to your savings in a Registered Education Savings Plan (RESP) with a Canada Education Savings Grant (CESG).
The grant is paid directly into your child's RESP.
To date, three million children have benefited from Canada Education Savings Grants.
Children up to and including the age of 17 are eligible to receive the CESG based on the following conditions:
For children 15 years old and older, prior RESP contributions must have been made before December 31 of the year in which the child turns 15. For more information see our Frequently Asked Questions.
On the first $500 you save in your child’s RESP, the Canada Education Savings Grant will give you:
2007 income amounts shown - The family net income amounts are updated each year based on the rate of inflation.
No matter what your net family income is, when you save more than $500, the Canada Education Savings Grant will give you 20 cents for every extra dollar, up to $2,500.
To get the CESG, all you need to do is:
The grant money will be deposited directly into your child’s RESP.
The most CESG your child can receive is $7,200. This lifetime limit also applies to each individual child when the CESG money is shared with other beneficiaries as in a family RESP.
In this case, “lifetime” means from birth up to the end of the year that the child turns 17 years old.
As soon as your child is enrolled in a qualifying educational program, he or she can start receiving money from the RESP. At that time, the CESG along with income earned by the money in the RESP is paid to the beneficiary as an Educational Assistance Payments (EAPs). Each EAP includes a specific amount of the CESG.
If your child does not go on to education after high school, the CESG must be returned to the Government of Canada, unless the RESP is a family plan. If the RESP is a family plan, the CESG may be used by another eligible child named in the plan. That child may use an amount of the CESG up to his or her lifetime limit as described above.
Depending on your family net income, your child may also qualify for the Canada Learning Bond. Ask a RESP provider if you qualify.
Need more information about Canada Education Savings Grants? Check out the Canada Education Savings Grant Frequently Asked Questions.
Contact us for any questions or comments.